Is It Mandatory to Publish a Note in Newspaper Before Filing for Bankruptcy?

  • Filing for Bankruptcy

Is It Mandatory to Publish a Note in Newspaper Before Filing for Bankruptcy?

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The current American bankruptcy law doesn’t require you to publish any bankruptcy notice in the newspaper. In case you are a public figure or a celebrity, the gossip magazines will themselves make a hue and cry about it. Otherwise, neither will anyone probably care about you going bankrupt nor will it be made a public announcement in any newspaper or magazine.

However, your credit report will show your bankruptcy, which will be considered by your future lenders and creditors, but you can minimize its adverse impact by rebuilding your credit after bankruptcy. You can know more about the steps to rebuild your credit by consulting the best attorneys of Los Angeles and Dallas, TX, at Recovery Law Group. Visit Recovery Law Group or contact on 888-297-6203 to avail the services.

Now, the reason, why some people might think it is still necessary to publish a notice, is that it was required to do so in the legal history in the past.

Bankruptcy History

‘An Act to Relieve Insolvent Debtors’, passed by the British Parliament in 1712, urged a legal necessity to publish an advertisement in the newspaper, about the meeting of creditors in each and every bankruptcy case. This was done in order to eliminate the chances of occurrence of any kind of secretive proceedings that would give the insiders benefit over the other uninformed creditors.

The publication law proved to be a boon for the newspapers, as they charged money to print these advertisements. The first newspaper which is regularly published in London, The London Gazette, was the most famous of such newspaper. It is still in business, today.